进厂大有可为 01、当机器人公司开始批量倒闭 上半年在一次访谈中，朱啸虎表示："具身智能现在特别火，同时我觉得商业路径还是不清，尤其是人形机器人。我经常开玩笑说，现在是个人形机器人就会翻跟 头，但商业化在哪里？"朱啸虎说，"我们正批量退出人形机器人公司""机器人共识集中但商业化不明"。 朱啸虎的话像是泼冷水，也引发了行业内激烈争论，但火热的行情背后是大部分机器人企业都被架在火上烤，稍有不慎就面临倒闭风险。 K-Scale Labs开发机器人 K-Bot 截至2025年上半年，从国内已公开的人形机器人订单来看，高校、科研院所和职业院校等教育科研机构采购量占总订单量的75%。企业类订单总体在数千和几百台 之间，而且多数并非今年就要交付。 对于具体的落地场景和效率提升，PMF验证这些基本没有正面回应。所以有业内人士认为，过早释放"大批量订单"信号，无 异于在产业尚未成型之时，提前引爆一轮泡沫。 最为典型的案例，就是上半年特斯拉与美国制药公司PharmAGRI签署意向书（LOI），计划在自营农场运营、原料药（API）合成以及处方药生产环节，部署多达 10000台 Optimus V3人形机器人。刨除马斯克直接回答假的 ...

朱啸虎的话像是泼冷水，也引发了行业内激烈争论，但火热的行情背后是大部分机器人企业都被架在火上烤，稍有不慎就面临倒闭风险。 "进厂"大有可为 01 当机器人公司开始批量倒闭 上半年在一次访谈中，朱啸虎表示："具身智能现在特别火，同时我觉得商业路径还是不清，尤其是人形机器人。我经常开玩笑说，现在是个人形机器人 就会翻跟头，但商业化在哪里？"朱啸虎说，"我们正批量退出人形机器人公司""机器人共识集中但商业化不明"。 K-Scale Labs开发机器人 K-Bot 今年以来硅谷明星公司K-Scale Labs烧光400万美元融资，创始人发邮件给客户退款关账。美国儿童陪伴机器人公司 Embodied直接停掉产品服务，员工集 体失业。 被称为全球机器人先驱的法国公司Aldebaran，做了十几年人形机器人，最后还是栽了。供应链卡脖子导致成本居高不下，产品又贵又不好用，去年血亏 2900万美元后破产清算，最后被中国公司收购卖身求生。 高盛近期的一份报告更为尖锐，调研团队深入9家中国机器人核心供应商后发现，这些企业正基于对行业爆发的预期，在国内外疯狂布局生产线。这种"产 能先行"策略背后，是中国制造业熟悉的赌徒逻辑——不惜重 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 截至10点03分，机器人ETF（562500）早盘微幅震荡，最新价0.965，略低于昨收，分时上呈现沿 分时均线小幅企稳的走势，盘面波动温和。持仓股结构上，26只上涨、47只下跌，涨幅居前的个股集中 在细分设备与智能控制方向，板块内部呈结构性分化。成交层面交投正常偏活跃。 消息方面，智元机器人CMO邱恒介绍，目前智元面向多元场景，打造了三大产品系列，核心支撑 是"一体三智"技术体系——运动智能、交互智能与作业智能的深度融合。第一个是远征系列，核心聚焦 讲解接待、文娱商演等场景；第二个是灵犀X2系列，主打情感陪伴与智能交互，同时也能完成简单作 业；第三个是精灵系列，主打实干作业，背后依托Go-1基础大模型提供核心算力。此外，他还强调， 公司自主研发了机器人操作系统"灵渠OS"，已封装大量核心能力，计划今年年底正式开源。 民 ...

Market Review - The Huaxia Sci-Tech AI ETF (589010) opened at 1.317 CNY and closed at 1.325 CNY, a slight increase of 0.53%, maintaining a positive performance [1] - Among the holdings, 18 stocks rose while 12 fell, indicating significant structural opportunities; leading gains were seen in AI computing and software sectors, with Star Ring Technology rising over 11% [1] - The Robot ETF (562500) opened at 0.961 CNY and closed at 0.966 CNY, a minor increase of 0.21%, showing a weak recovery pattern [1] - The trading volume for the Robot ETF was approximately 6.94 billion shares with a turnover of about 6.69 billion CNY, indicating sustained high market interest [1] Hot News - Zhiyuan Robotics' CMO introduced three product series based on the "One Body Three Intelligence" technology system, focusing on various scenarios including entertainment and emotional interaction [2] - Ling Universe, an AI + consumer robotics company, announced the completion of a 200 million CNY Pre-A round financing, with participation from several leading financial institutions and listed companies [2] - Chengdu Kanopu Robotics has submitted a listing application to the Hong Kong Stock Exchange [2] Institutional Views - Minsheng Securities highlighted that Tesla's production progress and technological iteration are key themes, with the Optimus V3 expected to start mass production in 2026 [2] - The upcoming IPOs of domestic robot manufacturers like Yushu Technology in 2026 are anticipated to serve as strong catalysts for the industry [2] Popular ETFs - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 20 billion CNY, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [3] - The Huaxia Sci-Tech AI ETF (589010) captures the "singularity moment" of the AI industry with a 20% price fluctuation limit and flexibility in small and mid-cap stocks [3]

Group 1 - Xpeng Motors has launched a new generation humanoid robot called IRON, set to enter mass production by the end of 2026, prioritizing commercial applications [1] - Tesla has begun trial production of its humanoid robot, with a larger production line for its third-generation humanoid robot expected to be operational by 2026 [1] - Guojin Securities predicts that 2026 will mark a significant moment for the global humanoid robot industry, akin to the "iPhone" moment, driving further development in related fields [1] Group 2 - Several companies, including Changan Automobile, Midea Group, and Zoomlion, have disclosed advancements in their humanoid robot businesses [2] - Zoomlion plans to develop embodied intelligent humanoid robots starting in 2024, with several self-developed prototypes already in operation [2] - Changan Automobile is collaborating with leading partners to overcome core technologies in humanoid robots, while Midea's industrial humanoid robot "Melo" has begun operations in its washing machine factory [2] Group 3 - Huajin Securities reports that the development of dexterous hands for humanoid robots is transitioning from research institutions to industry, with companies like Tesla and Ubtech engaging in self-research [3] - Weichuang Electric has launched several core component products for humanoid and collaborative robots, including dexterous hands and joint modules [3] - Zhenyu Technology plans to expand its product capacity and invest in precision component manufacturing for humanoid robots, with a total investment of 2.11 billion yuan expected between 2025 and 2030 [3] Group 4 - The humanoid robot industry is expected to enter a large-scale production phase, benefiting both complete machine and component manufacturers [4] - Companies like Ubtech and Yujian are securing humanoid robot orders, indicating a shift from research to industrial applications [4] - Aobi Zhongguang is providing various 3D vision sensors for humanoid robots, collaborating with Microsoft on advanced camera technologies [4] Group 5 - Boke Co. is actively expanding its domestic and international customer base, expecting to enter large-scale production by 2026 [5] - The company reported a significant increase in the shipment of frameless torque motors, with approximately 43,000 units shipped in the first three quarters of 2025, a year-on-year increase of about 189% [5] - The humanoid robot market in China is at a critical stage of industrialization, with predictions that the global market for embodied intelligent humanoid robots could exceed 200 billion yuan by 2030 [5]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robotics industry [1][13]. Core Insights - The humanoid robotics industry is expected to open up broader market opportunities beyond the automotive sector, driven by the trends of electrification and intelligence [13]. - The Tesla Optimus V3 version is set to be mass-produced in 2026, and Xiaopeng's new humanoid robot IRON has been unveiled, indicating ongoing product iterations and business collaborations in the sector [3][4][13]. - The industry is poised for significant investment opportunities as it transitions from "0 to 1" in the development of the humanoid robotics supply chain [13]. Summary by Sections Industry Dynamics - Elon Musk's $1 trillion compensation package was approved, with over 75% of shareholders voting in favor, highlighting investor confidence in Tesla's future, particularly in AI-driven robotics [3]. - Xiaopeng's IRON robot features a unique bionic design with 22 degrees of freedom, capable of performing complex tasks [4]. - ByteDance is actively recruiting for robotics algorithm experts, indicating a strong commitment to the humanoid robotics field [4]. Market Performance - The humanoid robotics sector is experiencing significant order growth, with UBTECH securing a contract worth 159 million yuan for its Walker S2 robot, contributing to over 800 million yuan in total orders for the year [5][8]. - The report notes that the electric equipment sector has outperformed the CSI 300 index over various time frames, indicating a robust market environment [6]. Strategic Collaborations - Lens Technology and Yujian Robotics have entered a strategic partnership, with Lens planning to purchase 1,000 collaborative robots from Yujian, enhancing production efficiency through automation [8]. - The release of the Rover X1 by Yujian marks a significant advancement in household intelligent robots, combining deep AI with practical functionalities [9]. Investment Focus - The report suggests focusing on companies with core component expertise and active involvement in humanoid robotics, including Sanhua Intelligent Controls, Top Group, and others [13].

Core Insights - Xiaopeng Motors' chairman He Xiaopeng publicly addressed the skepticism surrounding their humanoid robot, IRON, during the "X9 Super Extended Range Technology Launch" by demonstrating its internal structure [1][3] - Elon Musk's endorsement of the demonstration on X platform has sparked global discussions about advancements in humanoid robotics in China [1] Group 1: Product Features - The IRON robot stands 178 cm tall, weighs 70 kg, and features 62 active degrees of freedom, with hands designed to match human dimensions and tactile feedback capabilities [6] - The core processor is equipped with a self-developed "Turing AI chip," achieving a computing power of 3000 TOPS, capable of running a 30 billion parameter model locally [6] - Compared to the version released in November 2024, the new IRON includes a humanoid spine, fully covered flexible skin, and a 3D curved display on the head, significantly enhancing movement fluidity [6] Group 2: Production Plans - Musk recently announced that Optimus V3 will integrate the Grok voice assistant, with plans for mass production of 5,000 units by 2025 [8] - Xiaopeng Motors aims to achieve large-scale production of the IRON robot by the end of 2026, with initial applications in factory assembly and showroom guidance [8] - Currently, the IRON robot is undergoing training at the Guangzhou factory, capable of performing tasks such as material handling and equipment inspection [8]

Core Points - Elon Musk's $1 trillion compensation package was approved at Tesla's annual shareholder meeting, with Musk stating he would resign if the plan was not approved [2] - Following the approval, Tesla's Optimus V2.5 robot performed at the event, although it experienced minor malfunctions during the demonstration [3] - Musk announced the launch of Optimus V3 production next year, with significant improvements expected in each annual release [4] Group 1 - Musk emphasized that Tesla's humanoid robots will represent the largest product launch in history, with a projected market size of tens of billions of units, and an estimated ratio of personal to industrial robots between 1:3 and 1:5 [5] - Tesla plans to initiate a production line capable of manufacturing 1 million units annually at its Fremont factory, followed by a 10 million unit capacity line in Texas [6] - The company has already established a production line for the V3 prototype, which is currently manually assembled, with production costs expected to be around $20,000 per robot once the annual output reaches 1 million units [7] Group 2 - Musk indicated that hundreds of billions of dollars will be invested to train the artificial intelligence systems for the humanoid robots to operate efficiently on low-power chips [8]

Market Overview - The Sci-Tech AI ETF Huaxia (589010) experienced a decline of 1.71% on October 31, indicating a downward trend in the market. The ETF opened lower and traded around 1.44 yuan, showing weak performance. Among the constituent stocks, 18 rose while 12 fell, highlighting significant structural differentiation. Notably, Foxit Software and Hehe Information surged by 20% and 14.14%, respectively, while Stone Technology and Lanke Technology saw declines of 12.04% and 10.33% [1][2] Technical Analysis - The ETF remained below the moving average throughout the day, indicating a short-term adjustment phase. If it can maintain support at 1.42 yuan, a technical rebound may be possible. The overall sector continues to adjust, but trading volume has not significantly decreased, suggesting ongoing market divergence [2] Key News Highlights - The 15th National Games will feature a significant technological highlight with the debut of the world's first 5G-A humanoid robot "Kua Fu," developed in collaboration with China Mobile, Leju Intelligent, and Beijing General Artificial Intelligence Research Institute [3] - Hyundai Motor Group is partnering with NVIDIA to establish an AI factory aimed at accelerating the development of AI-driven mobile solutions for fleets, with an investment of approximately $3 billion to enhance South Korea's AI ecosystem [3] - An open-source humanoid robot project was launched in Shanghai, including hardware, software algorithms, and developer courses, expected to be available in Q1 2026 [3] Institutional Insights - Guohai Securities suggests that the electric and intelligent transformation wave is creating significant investment opportunities in the humanoid robot industry, which is expected to expand beyond the automotive market. The industry is anticipated to experience a "ChatGPT moment," maintaining a "recommended" rating for humanoid robots [4] Popular ETFs - The Robot ETF (562500) is the only one in the market with a scale exceeding 20 billion and the best liquidity, providing comprehensive coverage of the Chinese robot industry [5] - The Sci-Tech AI ETF Huaxia (589010) is positioned as the "brain" of robotics, capturing the "singularity moment" in the AI industry with a 20% fluctuation limit and small-cap elasticity [5]

Core Viewpoint - Sanhua Intelligent Control (02050) has seen a significant stock price increase, with shares rising over 7% and reaching a new high of 51.83 CNY during trading, indicating strong market interest and potential growth prospects for the company [1] Group 1: Company Performance - Sanhua Intelligent Control plans to hold a board meeting on October 30 to consider and approve its unaudited third-quarter results for the nine months ending September 30, 2025 [1] - The company's stock is currently trading at 42.9 HKD, with a trading volume of 698 million HKD, reflecting robust investor activity [1] Group 2: Industry Developments - Tesla has updated its plans during its third-quarter earnings call, announcing the launch of Optimus V3 in Q1 2026 and the initiation of a million-unit production line by the end of the year, which may impact the robotics sector [1] - Dongfang Securities has noted that Sanhua Intelligent Control is accelerating its development in emerging businesses such as robotics and data center liquid cooling, which opens new growth opportunities [1] - The company continues to focus on its robotic electromechanical actuator business, collaborating with clients on product development and achieving recognition for its products, which positions it favorably in the market [1] - The firm is believed to have a first-mover advantage in the robotic actuator field, potentially allowing it to capture a larger market share as the robotics industry evolves [1]